Everything you need to know about SDLT (stamp duty land tax) reform for residential property
Several agents predict that London’s most expensive homes will see values weaken as a result of changes to the stamp duty tax regime announced beginning of December.
Stamp Duty Land Tax is a fee one pays the taxman depending on the value of the residential property one is purchasing. Before the 2014 Autumn Statement in December it was charged in bands from £125,000 upwards between 1% and 7% depending on the property value. But after years of criticism, the slab system has been replaced and buyers will only be levied progressively above thresholds, in a similar way to how income tax works.
How does stamp duty works?
Effective stamp duty rates can be found here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/382324/Stamp_Duty_15.pdf
SDLT calculator for residential property or non-residential property can be found here: http://www.hmrc.gov.uk/tools/sdlt/land-and-property.htm
For further information or advice please contact Luxury Movement!